Your Council Most Popular

Business

Business rates revaluation 2017

From 1st April 2017, the Valuation Office Agency (VOA) has updated the rateable value of all business properties. This is known as a revaluation.

The VOA generally reassesses all rateable values in England and Wales every five years, based on their open market rental value on a fixed date although the last revaluation was in 2010. The current revaluation from 1st April, 2017 will be based on rental values on 1 April 2015. Rateable values are used by councils to calculate your business rates bill.

Revaluation is done to maintain fairness in the system by redistributing the total amount payable in business rates, reflecting changes in the property market. Revaluation does not raise extra revenue overall.

The VOA uses a wide range of property information and rental and other evidence to compare values across similar types of properties in order to set the rateable value.

The VOA look at many rents in an area before deciding on the right rateable value for each property. Rents can vary between properties in an area, even if the properties are similar and the rents are agreed at the same time. This is because landlords and tenants often have different views on the rental value of a property and sometimes there are special lease terms that can affect the rent paid.Go to: https://www.gov.uk/introduction-to-business-rates/how-your-rates-are-calculated

5

What are the rent/trade details that are held for my property?

The VOA does not publish this information online, as that would breach the Data Protection Act. Telephone: 03000 501 501 to request the details from the VOA

6

My business has closed and I would like the property taken out of rating.